Multimedia messaging platform Snap, Inc. (NYSE: SNAP) reported a net loss for the first quarter of 2022 when the company’s revenues grew in double digits but fell short of Wall Street’s expectations.
First-quarter net loss, on an adjusted basis, was $0.02 per share, compared to breakeven in the same period of 2021. Analysts had predicted profit for the most recent quarter.
On an unadjusted basis, the company reported a net loss of $359.6 million or $0.22 per share, compared to a loss of $286.9 million or $0.19 per share in the first quarter of last year. Meanwhile, revenues increased 38% annually to $1.06 billion, which slightly missed analysts’ forecast.
Check this space to read management/analysts’ comments on Snap’s Q1 2022 earnings
“We remain focused on providing value for our growing community, delivering ROI for our advertising partners, and investing against our enormous opportunity in augmented reality. We’re excited to share many new products and services at our annual Snap Partner Summit next week,” said Evan Spiegel, CEO of Snap.
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